accepts another term.. and e again promises america.. ch. despite all the frustrations of washington, i have never been more hopeful about our future. >> president obama accepts another term and once again promises america change. good afternoon, i'm frank mallicoat. as the president wins another four years in the white house, wall street is reacting not in a good way either. the dow is tanking today. jason brooks with kcbs and cbsmoneywatch.com joins us now and is it all politics or is business at play as well, jason? >> reporter: we have a number

of issues sinking the stock market today. it's one of the worst days for the market in 2012. there are election issues at play, as well. we have sectors that are under pressure from regulatory concerns, namely financial, also energy. but then i have healthcare sector doing well since romney won't be able to invalidate obamacare. there is the looming fiscal crisis and the partisanship that's prevailing up until this election, worries that congress and the white house won't be able to solve that looming fiscal crisis. but another big issue really sinking the market today is europe. we have a downgrade from the european union on growth prospects in europe for this year. and it's looking like the recession could last all the way through next year. you're looking at riots in greece. greece has been a big issue all the way across. we're also hearing problems that germany's economy is getting worse. germany is the economic driver in europe. this is a big deal here in america. a lot of large tech companies

like cisco, oracle and hewlett- packard. they depend on sales in europe. they have seen their profits get squeezed by falling sales over there. if that continues we'll see that problem continue here in this country. let's look at the big board right now. lots of heavy selling on wall street today. dow down 265 points. nasdaq down by 65. s&p lower by 28. apple is worth noting today down 3.5% and at about $560 a share is now 20% lower than its all-time high it hit over $700 in september. that is officially correction territory for apple. >> a perfect storm not just the election? >> it's all together. i don't think anybody was surprised that we could see a sell-off after the election when attention turns back to the economy and europe. >> thank you, jason brooks with kcbs and cbsmoneywatch.com. for president obama, his focus now of course turns to planning for a second term. cbs reporter bigad shaban is in chicago with more on the tough

task he faced starting with uniting a nation that's split down the middle. >> reporter: the president gets another four years in the white house thanks to the same voters who elected yet another split congress. the president says that political divide was a roadblock to reform during his first term. how will things change over the next four years? a victorious barack obama heads back to washington to face the same divided congress in his second term. >> the recognition that we have common hopes and dreams won't end all the gridlock or solve all our problems. >> reporter: the president swept almost all the battleground states giving him a decisive victory in the electoral college. but the popular vote was much closer. >> whether i earned your vote or not, i have listened to you. i have learned from you. >> reporter: during the president's speech here, he promised to work across party lines. they will have to. congress remains split. democrats held on to the senate

while republicans kept the majority in the house. president obama says he hopes to sit down with mitt romney in the coming weeks to meet the difficult challenges ahead. in his concession speech, romney also expressed the need to find common ground. >> at a time like this we can't risk partisan bickering and political posturing. our leaders have to reach across the aisle to do the people's work. >> reporter: the president is facing some major crises. most urgently a fiscal cliff looming next month. economists warn if congress doesn't reach a mix of all tax increases and spending cuts, the economy could fall back into recession. but the president is optimistic. >> despite all the frustrations of washington, i have never been more hopeful about our future. >> reporter: with high unemployment and a huge national debt, the president has the next four years cut out for him. he will be sworn in for the second term during a private ceremony on january 20. the main public event will be

in the nation's capital the next day. reporting in chicago, i'm bigad shaban. now back to you. thank you. a big win for governor brown and for california schools. prop 30 passed with 54% of the vote. it is a plan that will increase taxes on wealthy californians to help better fund schools. cbs 5 reporter anne makovec over in oakland now with reaction from some of the teachers and voters alike. anne. >> reporter: looks calm out here but you can bet there's a lot of celebration from administrators, teachers and parents. now that prop 30 has passed. it is going to raise taxes and it's going to bring california an extra $6 billion a year. >> knowing that proposition 30 passed, what are you thoughts on that? >> reporter: the lesson today, prop 30 is saving the day. >> i think it's a huge day for california. it shows that california voters care about education and public services in the state. >> reporter: if prop 30 didn't pass, schools would have

endured billions of dollars in cuts. >> i would say that it could have been extremely detrimental to the opportunities of our young people of california. and so this was a must that it passed. >> reporter: in the end, 54% of californians, almost 5 million people, voted to raise their own taxes. the nos had 46%. there is a hike in sales tax, a quarter cent for four years that's about a penny more for every $4 you spend. most the money will go to schools, colleges and universities. local governments will also get cash for public safety. it will help balance the state budget through 2019. governor brown made prop 30 his pet project saying in fact legislature wasn't going to make tough choices he would go to the voters. >> many people said, you shouldn't go to the people and

get their views in a statewide vote about whether or not to raise taxes. well, last night that path forward vindicated my confidence in the people of california. >> reporter: the no on 30 campaign said, while we are disappointed in the outcome of the campaign, the voters have spoken. those voters who said no are disappointed too. >> i think there's something of an overemphasis on -- focus on education issues only in this state. >> i have mixed feelings. i want education to be funded. i don't like the way it was done. and i don't trust it's going to go where needed. >> reporter: now, prop 30 enjoyed most of its support in the coastal counties. san francisco passed it by 3:1. and it did not do so well in more conservative areas like the central valley. but you can believe that schools up and down the state are breathing a sigh of relief. live in oakland, anne makovec, cbs 5. >> not to mention our governor

brown. anne makovec in oakland, thanks. a proposition to repeal california's death penalty failed to pass though. voters defeated prop 34 by 53%. the measure would have replaced the death penalty with life in prison without parole. this is the first time in more than 30 years voters took on the death penalty issue in the state. 53% of californians also rejected prop 37 which would have required special labels on some genetically engineered food. a surprise defeat because 60% of expected voters supported the measure just over a month ago. >> opponents in richmond measure n are tasting sweet victory today. voters defeated the so-called soda tax. it proposed taxing businesses a penny per ounce on beverages that contained added sugar. well, what started out as a sociology class project at san jose state has raised the city's minimum wage now. measure d passed last night with 59% of the vote but not everyone is happy about it. cbs 5 reporter elissa

harrington shows us the impact there on business. >> reporter: anyone who has worked for minimum wage knows it can be rough especially living in a city where the average cost of a one-bedroom apartment is around $1,700 a month. >> didn't pay my bills and it took me away from solving my other problems. i was going around like a hamster in a circle. >> reporter: so san jose residents voted in favor of measure d, raising minimum wage here from $8 an hour to 10. but workers like johnnie garcia at peanuts deluxe cafe across from san jose state university -- >> it will make a difference in my life. i'll have more money for me to help myself with the rent or other bills. >> reporter: but for the owners -- >> very tough for small businesspeople. >> reporter: peanuts has been a college area staple for 30 years run by this man and his wife. chang says the extra $2 an hour now means less hours for

employees and longer days for himself. he is anticipating 16-plus hour days and no vacations. >> probably no more hire people. and probably i more working hard. >> reporter: chang agrees it's expensive to live here but also to run a business here. is he worried customers might feel the effects. >> my price pretty low, you know, like around $5 for breakfast. probably i up the price maybe like 40 cents to 50 cents. >> reporter: even though things will be tight, chang is confident that peanuts will be okay. workers can expect to get their raises early next year. in san jose, elissa harrington, cbs 5. i love you... [ applause and cheers ] >> still ahead, a strong showing for women all across the country last night. >> we're look at a record number of women in the u.s. senate. coming up, we'll hear from our own senator feinstein on this and her concerns about the next few years. >> and they stuck it out for

sandy and now new york and new jersey residents bracing for another storm. why they say they wouldn't be leaving town this time around. >> so much for the warm temperatures. it is back to cool weather and now we have the prospect of some rain. we'll talk about that coming up. ,, ,,,,,, ,, ,,,,,,

elec it appears the so-called war on women spurred a lot of wins for women in yesterday's election. women will occupy a record number of senate seats at the start of next year. cbs 5's cate caugiran joins us live with more on that story and reaction from one of the longest serving women in washington, san francisco's own dianne feinstein. cate. >> reporter: good afternoon,

frank. now, thanks to california voters, senator feinstein will continue on to a fourth term. she will be joining 19 other women in the senate and that's breaking last year's election record. >> more women are running. and more women are getting elected. and the options are opening, and you know, the glass ceiling begins to crumble. >> reporter: the popular former san francisco mayor won boy a wide margin against -- won by a wide margin against elizabeth emken. she thank supporters and talked about years ahead in a divided congress. >> what i think this president has to do is begin to talk and listen -- listen -- to individual members on both sides, develop the relationships that are necessary when you have very big and difficult problems. >> reporter: feinstein will be joined again by missouri senator claire mccaskill who beat republican todd akin. akin made his mark this

election with his controversial comments regarding rape that charged up several women activists groups. >> there is no way that claire mccaskill can survive. well, now what happened? you proved them wrong. >> reporter: political experts say women's successes could be tied to president obama's campaign as well as senate democrats accusing republicans of waging a so-called war on women. this year, the gop-dominated house passed bills redefining rape as well as defunding planned parent hood. >> despite the odds you elected the first woman senator to the commonwealth of massachusetts. >> reporter: in massachusetts, democrat and harvard professor elizabeth warren defeat scott brown solidifying a democratic majority for the senate. no one can dispute the gender gap. women are 17% in the house and the senate but as we learned from this election, with

women's issues that number could change in future elections. live in san francisco, cate caugiran, cbs 5. >> thank you. i'm kara tsuboi. the best websites coming up to find airfare deals this holiday season. >> the clouds have moved back. we are seeing some sunshine though in the valleys but temperatures much cooler today but there's rain on the way. we'll talk about it coming up. ,,,,,,,,,,,,,,,,,,

east coast residents are stl

in the dark after hurricane sa d of it's been more than a week now and east coast residents are still in the dark after hurricane sandy. more than a million. they are in need of donations. we are proud that our parent company cbs corporation has contributed a million dollars to the american red cross. but the red cross could still use your help. so please join us tomorrow. it all starts at 6 a.m. it's a telethon to raise money for the american red cross for hurricane sandy relief. again that runs tomorrow from 6 a.m. to 7 p.m. more details at our website, cbssf.com. those folks need our help because another storm is on its way. many new yorkers are digging in to weather a powerful nor'easter that's got its sights set on that very same region. >> we have been through this for 8 or 9 days now. i mean, we are not going anywhere. >> snow is falling in philadelphia, parts of connecticut, as well. wind speeds are expected to peak around 60 miles an hour

sometime today. meteorologists say the nor'easter is now veering further offshore though weakening its impact. so that's good news, lawrence. but boy, they sure don't need this. >> the downside is they are not seeing that real torrential rainfall but they are getting snow and we don't have homes, that's another problem entirely. around the bay area major changes. low clouds and fog swept onshore overnight. the sea breeze is blowing nice and clear toward mount diablo right now. but the temperatures are going to be much cooler all across the board. it's 66 degrees in concord. 69 degrees one. warm spots in livermore. and 57 degrees still some cloudy skies into san francisco. cloudy over the bay, it was very thick early on this morning. even some mist. what a change from yesterday with highs in the 80s. partial clearing this afternoon. temperatures going to be way down as much as 5 to 15 degrees cooler today and then tonight, mostly cloudy with some areas of fog but by tomorrow even cooler and a chance of showers. so you can see this ridge sliding eastward now as this trough begins to dig its way

along the west coast. so high giving way now and that means, well, we're back to some cooler weather and chance of showers as we head in toward tomorrow. big changes on the way the next couple of days. so here we go. let's see if we can time this out for you. patchy fog starting to break up a little bit in the afternoon. and then as we get into tonight, we'll see more fog, but tomorrow that chance of rain on the increase throughout the day. noontime, a chance of showers there along the peninsula stretching into parts of the east bay. i think you get the idea, more scattered showers with the storm system that moves on by keeping things very unsettled right into friday, as well. so it is back to normal here in the bay area. the temperatures have cooled way down. plan on about 70 degrees in san jose. about 62 degrees and breezy in pacifica. 66 breezy into hayward. east bay temperatures struggling to get into the upper 60s and low 70s this afternoon. and it looks like inside the bay we'll keep those numbers way down from just a day ago. 60s into san francisco. next couple of days, we are looking at some chance of showers on thursday and friday.

saturday and sunday, a return to some dry weather. those temperatures staying fairly mild for this time of year. that's a look at weather. back to you, frank. >> the 80s are gone. >> yup. >> too bad. okay, thank you, lawrence airfares during the busy holiday season can be more expensive than just buying gifts or that thanksgiving meal. cbs reporter kara tsuboi shows us the best new travel websites that could save you a lot of money. >> reporter: websites that aggregate airline fares to bring you the best deals are a dime a dozen. ex-spirit yeah, travelocity, hot wire, priceline, expedia, where to start and which is the best? to find the answers to those questions, it comes down to your personal preferences for searching methods and how the information is displayed. for example, if you like [ indiscernible ] airfares on chipmunk with a color-coded display by time of day and price. [ indiscernible ] are similar in functionality and style. both have toggles on the left- hand side of the page so you can adjust factors like departure time and how many

stops you'll make. like any good travel site, airfare watchdog lets you create alerts for routes. it will keep you in the know for the best deals to and from your choice cities. as a last resort check the airlines' actual websites. buying direct can sometimes be the best way to buy and fly. in san francisco, i'm kara tsuboi, cnet.com for cbs news. ,,,,,,,,,,,,,,,,,,

acquisition of lucas film.. disney says there'll be more well, today's tip of the day is going to be is with -- this is always around the house in thanksgiving. it has the flavor of artichoke hearts. looks like celery on steroids but let me tell you these are fantastic. best way to select them, like celery, green, from top to bottom. make sure right here the leaves are all green. free from yellowing and squeaky when you squeeze them. when you bring them home store them in the refrigerator. they're big so cut them up and put them in the refrigerator. the best way to enjoy them breaded and fried with olive oil or you just saute them but first you blanche them, what i mean you is put them in some boiling water with salt and then simply put them in a cold bath so it cools down the heating and the cooking and then saute this well olive oil and tomatoes. if you look artichoke hearts you'll love this. i'm tony tantillo your fresh grocer. and always remember to eat fresh and stay healthy. finally, with its acquisition of lucasfilm,

disney says there will be more "star wars" episodes. and it sounds like some of their vintage stars run for it. harrison ford says he liked the idea of bringing back hans solo to life. the sequel expected to come out 2015. some other big names, markham i will, carrie fisher will come back. >> a shot of air force one in chicago. captions by: caption colorado comments@captioncolorado.com ,,

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